Fed Chairman Powell told markets to stop obsessing over the pace of rate increases and to focus on the “terminal rate.” But he didn’t say what the terminal rate will be.
The Federal Reserve raised interest rates by another 0.75-percent point to combat inflation, Chairman Jerome Powell said on Wednesday. Powell hinted at a possible slowdown in the pace of increases.
Photo: Al Drago/Bloomberg NewsFederal Reserve chairman Jerome Powell had one overriding message for markets Wednesday: Stop obsessing over. That’s because Mr. Powell also said that the final resting place for the Fed’s interest-rate target—dubbed the “terminal rate”—is going up.
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